The main complication in working with DFIs tends to be that they have very heavy legal departments. This heavy legal approach just doesn't work very well when we have local partners.
We're working with organizations. We invest in microfinance or financial inclusion institutions in different countries. They're having a fantastic impact on the ground, but they might have one legal adviser or maybe they work with an external company. When a DFI comes with a 50-page loan agreement, they'll just sign and not understand everything that's in there, all the consequences that it can have. This is not a development approach. This is an institution trying to cover all the bases for every possible legal eventuality in a country where really the legal system is, let's say, not Canada's.
Thinking practically, looking at the reality on the ground, if you want to work with local partners, you have to adapt to the local situation and to local capacity. If an institution is not willing to do that, it will have to work with large international institutions that then have their own partners on the ground.
In our case, we often do that for our partners, so if a DFI is interested in investing together with us, for example, we would try to act as the legal interpreter between the two. However, the reality on the ground is that this heavy legal approach is not realistic.